Available soon to all servicers, the new Property 360™ will be the single system to manage expense reimbursement and confirm REOgrams™ with Fannie Mae. It’s also an integration option for servicers to access the Pre-Foreclosure Property Inspection & Preservation Program. Property 360 applies automation and real-time data to simplify processes, reduce manual data entry, and provide time and cost savings for servicers.
Additional features will be made available within Property 360 throughout 2021.
Planned functionality of Property 360 will include:
- Submit single and bulk claims for expedited expense reimbursement
- Proactive feedback provided on potential denials and prepayment audits
- Escalations and inquiries submitted within the application
- Access loan-level expenses, financial details, and expense approvals
- Read the release notes for more information about the planned functionality and timeline
Until Expense Reimbursement is fully implemented and transitioned to Property 360, servicers may continue to utilize LoanSphere 571 Invoicing to submit claims through the end of 2021.
- Automatically creates REO cases by using real-time data sources, which eliminate the need for servicers to manually submit REOgram notifications
- Offers near real-time exception reporting for any data discrepancies
- Servicers will use Property 360 to review and confirm whether a property has been transferred into REO due to foreclosure or Mortgage Release and/or resolve any exceptions related to the REOgram
- Read the release notes for more information and timeline
Servicers may continue to utilize REO Notification functionality in Asset Management Network until Sept. 1, 2021.
Pre-Foreclosure Property Inspection & Preservation Program
- Property 360 is a data integration option for servicers to access the Pre-Foreclosure Property Inspection & Preservation Program
- Easily submit pre-foreclosure loans for the program
- Eliminates inspection and preservation expenditures for servicers
- Reduces the process and wait time for reimbursement from Fannie Mae
Property 360 is a no-cost solution for servicers. Onboarding is ongoing: